Loonie rises, traders focus on Washington and possible government shutdown
Sep 29, 2013 / 11:10 am
TORONTO - The Canadian dollar closed higher Friday amid uncertainty caused by political gridlock in Washington that threatened to shut down the U.S. government over a budget impasse.
The commodity-sensitive loonie was up 0.10 of a cent to 97.06 cents US as prices for gold and copper advanced.
There was skepticism that Congress can pass a funding bill to keep the federal government operating after Oct. 1, when the government's new fiscal year starts. Also, the U.S. borrowing limit needs to be raised before Oct. 17.
Conservative Republicans are insisting that the shutdown bill and a separate debt limit measure present an opportunity to demolish the Affordable Care Act, otherwise known as Obamacare, and slash spending.
Commodity prices were mixed with the November crude contract on the New York Mercantile Exchange down 16 cents to US$102.87 a barrel.
Metal prices advanced with December copper ahead two cents to US$3.33 a pound.
December bullion was up $15.10 to US$1,339.20.
Investors also digested reports showing higher consumer spending and income growth during August â€” and other data showing slowing consumer confidence.
The U.S. Commerce Department says consumer spending rose 0.3 per cent in August. Thatâ€™s up from a 0.2 per cent gain in July. Income rose 0.4 per cent in August, the best gain since February and up from a 0.2 per cent July increase.
The spending and income data is closely watched because consumer spending drives 70 per cent of U.S. economic activity.
The final read of the September University of Michigan's consumer confidence index came in at 77.5, down from 82.1 in August.
Read more Business News
|QHR Technologies Inc||1.28||+0.09|
|Anavex Life Sciences||0.38||0.00|
|Copper Mountain Mining||1.54||-0.01|
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
Recently I recorded a video series for my keynote speaking business. It was called from Faith to Future. In one of the episodes, I talked about the concept of using hard work to get out of a difficul...
- Precision Drilling shares plummet as Alberta fund manager sells stake
- Most actively traded companies on the TSX, TSX Venture Exchange markets
- CIBC logs $836M profit in Q4, cautiously optimistic about next year
- Auto insurers urge holiday season refresher as young drivers return home
- Canadian Press NewsAlert: Canada creates 21,600 jobs, Nov. jobless rate 6.9%
- New CEO will help prepare Royal Bank for future, as divisions feel the pressure
- TD Bank Q4 profit rises to $1.62 billion, adjusted earnings up but miss estimate
- TSX drops 105 points amid mixed earnings from RBC, TD and CIBC, Fed concerns
- Loonie advances, traders look to Canadian, U.S. jobs data being released Friday
- Detroit bankruptcy judge follows up major bench ruling with written opinion, urges compromise
- Barrick Gold critic says Munk's departure will be a positive but concerns remain
- Canada's agriculture minister says time running short on reaching new WTO deal